Thu, September 26, 2024 at 13:05

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some exciting news about the cryptocurrency market.

  • The market is on an upward trajectory, fueled by a series of positive economic data released before the New York stock market opened on Saturday.

  • 
• Annie

  • Oh, that's interesting!😊 What kind of data was released?

  
• 

  Kang-hoon

  • At 9 a.m. New York time, the cryptocurrency market capitalization was $2.27 trillion, up 1.28% from 24 hours earlier and up $10 billion from before the economic data was released.

  • Bitcoin is trading at $65,452, slightly higher than before the data was released.

• Annie

  • Wow, that's a significant increase!

  • What specific economic data contributed to this rise?

  
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• 

  Kang-hoon

  • The US second quarter GDP (third estimate) grew by 3.0%, which is in line with the previously released preliminary estimate.

  • This indicates that the US economy is in good health, matching the Dow Jones forecast.

• Annie

  • That's good news for the economy!

  • How about the job market?

  
• 

  Kang-hoon

  • Initial jobless claims fell more than expected to 218,000 last week, suggesting that the labor market is stabilizing.

  • This is a positive sign for the overall economy.

• Annie

  • That's reassuring.

  • What about other economic indicators?

  
• 

  Kang-hoon

  • Durable goods orders were unchanged month-over-month in August, versus consensus expectations for a 3.0% decline.

  • This indicates that consumer demand remains steady.

• Annie

  • So, all the data points to a strong economy.

  • How did this affect the Federal Reserve's recent actions?

  
• 

  Kang-hoon

  • The series of data released today suggests that the U.S. economy is on solid footing and allayed fears that the Federal Reserve's 50 basis point interest rate cut may have been due to a slowdown.

• Annie

  • That's great to hear!

  • How are the cryptocurrency ETFs performing in this environment?

  
• 

  Kang-hoon

  • Bitcoin ETFs have seen net inflows for the fifth straight day, and Ethereum ETFs are also showing positive trends.

  • This indicates growing investor confidence in the cryptocurrency market.

  • 
• Annie

  • It sounds like a good time for investors.

  • Do you think this news is a positive sign for the market overall?

  
• 

  Kang-hoon

  • Yes, Annie.

  • This news is definitely a positive sign.

  • The strong economic data and stabilizing job market suggest that the economy is robust, which is good for both traditional and cryptocurrency markets.

  • Investors should feel confident in the current market conditions.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.